Markets remain under pressure; ITC, financials drag

By 12:48 pm, the S&P BSE Sensex slipped 145 points to trade at 25,560 and the Nifty50 slipped 48 points at 7,829

Markets continue to trade lower with benchmark indices falling 0.5% on account of weakness among global peers.

On the political front, the trends announced so far for assembly elections in Assam showed that Bharatiya Janata Party (BJP), Asom Gana Parishad and Bodoland People's Front alliance was set to form government in the state dislodging Congress, which has been in power for three consecutive terms.

Fall in the crude oil prices and weakness in the Asian peers after FOMC meeting minutes raised hopes of an interest rate hike in the near future has also dampened the sentiments.

By 12:48 pm, the S&P BSE Sensex slipped 145 points to trade at 25,560 and the Nifty50 slipped 48 points at 7,829.

The Indian rupee on Thursday weakened past the 67 mark against the US dollar, tracking the losses in the Asian currencies markets. This is the 11th out of 14 sessions when the rupee is trading weaker.

Asian stocks edged lower after minutes from the US Federal Reserve's April policy meeting signalled the US central bank could raise rates as soon as next month if data supported the case that the American economy is getting stronger. The Federal Open Market Committee (FOMC) next undertakes monetary policy review on 14-15 June 2016.

Back home, projecting an economic growth rate of close to 7.5 per cent in 2016 and 2017, Moody's Investors Service today said the prevailing low headline inflation is expected to continue aided by a good monsoon, allowing RBI to sustain its current accommodative stance.

Lupin, HDFC Bank, Gujarat Pipavav Port, IRB Infrastructure Developers, Sintex Industries, Sobha and SpiceJet are among the top names that will disclose their fourth quarter earnings today.

Among stocks, ITC, HDFC, SBI, ONGC and Axis Bank are down 1%-3%.

ONGC has slipped today on back of fall in crude oil prices. Oil & Natural Gas Corp (ONGC), the top explorer, rose the most in three months.

Sun TV Network dropped 11.23% to Rs 379.55 as trends and results in Tamil Nadu showed that All India Anna Dravida Munnetra Kazhagam (AIADMK) was leading and set to retain power in Tamil Nadu. AIADMK is a party led by J. Jayalalithaa. Chennai-based Sun TV Network owner, Kalalinithi Maran, is the grand nephew of M Karunanidhi, who heads the Dravida Munnetra Kazhagam (DMK), a Dravidian political party in the state of Tamil Nadu.

Hatsun Agro Products has moved higher by 10% to Rs 468 on the BSE after the company announced that its board will meet on May 27 to consider issue of bonus shares.

Castrol India has dipped 5.5% to Rs 364 on the BSE after a more than 10% of the total equity of the company changed hands on the counter through a multiple block deals.